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Bitcoin’s daily chart hints at an ending diagonal pattern that could shape the next major market move. The current analysis projects a short-term surge toward $141,936 before a decisive correction possibly targeting the $68,000 support zone.
The BTC/USD pair has shown signs of exhaustion after reaching above $107,000. Analysts tracking Elliott Wave theory outline that Bitcoin is nearing the completion of wave five within an extended diagonal structure. The chart highlights sequential sub-waves labeled (a) through (e), consistent with terminal movement patterns observed in prior market cycles.
If this fifth wave materializes fully, Bitcoin could test the $141,000–$142,000 resistance band. However, the structure suggests this level might form the top before a sharp reversal. The diagonal formation often signals waning bullish momentum, which historically precedes deep corrective phases.
On-chain data also supports this observation, with volume profiles showing heightened activity near $100,000 and a liquidity gap below $85,000. Traders note that such setups frequently lead to rapid declines once market sentiment shifts.
Social sentiment remains mixed following the chart’s release on social platform X. A prominent analyst under the handle BigBull described the structure as a “BTC ending diagonal,” implying a terminal wave setup. Another trader highlighted the potential for a “rare opportunity” if the pattern confirms, warning that “the dump would be dramatic.”
Technical traders are closely monitoring stochastic and RSI indicators that both exhibit overbought signals. The daily RSI hovers around 70, aligning with typical topping conditions in previous Bitcoin cycles. Despite this, some traders maintain a bullish stance, anticipating a final push toward the projected high before a steep retracement.
The near-term forecast is still unstable as Bitcoin bounces back and forth along the price point of $100,500, which shows the indecision between the two scenarios - continuation and correction. The daily dynamic moving average also indicates price momentum getting tighter, which is usually followed by a breakout either way.
In case the diagonal pattern unfolds as expected, Bitcoin might first charge to the range of $141,000-$142,000 and then deeply fall back to $68,000, which is already a support level. This target fits with the node of the highest trading volume in the visible range profile, indicating the presence of strong buyers around that area.
On the contrary, if the price breaks the diagonal formation by going above $145,000, then it could imply that the long-term bullish trend has been revived. At this moment, it would be best for the traders to wait for the signs from both the price action and momentum oscillators before entering into any directional trades.
There is a lot of uncertainty in the market that could lead to potential volatility but one question that has been asked the most is if this fifth wave would be Bitcoin’s last major move before a reset in the cycle.
The Bitcoin chart pattern is forecasting a high fifth wave at $142K before the price comes back down quickly to $68K. According to the technical oscillators, the market is currently overbought, which is a sign that the momentum is dying down. It would be wise for traders to keep track of the breakout confirmation levels as BTC nears the critical resistance band that could determine its subsequent macro direction.
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